"Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.
SafeMoon V2 involves the launch of an upgraded contract that has a change to the coin’s consolidation formula. Consolidation is a DeFi feature that the SafeMoon teams likens to reverse stock splits with the added idea that it will be beneficial for investors. It is a way for the team to “tidy up the numbers” without changing the actual ownership percentages among investors.
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Ripple is also more easily converted than other cryptocurrencies with an in-house currency exchange that can convert Ripple units into U.S. dollars, yen, euros, and other common currencies.
Metals fund manager laments ‘zero interest in our strategy’ while bitcoin hits new record
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“I like the word ‘moon,’ because that’s where I want it to go,” Portnoy said in his purchase announcement.
Bitcoin was trading 1.5% lower Thursday morning. The price was around $59,000 per coin.
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Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”
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Cryptocurrencies are seen as an alternative to traditional banking methods, cheaper to move money around due to not being regulated by the government or its banks.
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China is one market to impose strict regulation that impacted prices. In February 2018, the country blocked its citizens from accessing websites that offer cryptocurrency trading services, prompting a 15% fall in Bitcoin and 20% plunge for Ether. Similarly, in January 2018, Bitcoin’s price was hit by new South Korean legislation requiring traders to reveal their identity.
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Numerous promises were made by the Safemoon team, which haven’t been delivered on. Although the price decreases could be a variety of things, it’s likely a slow burn of investors selling their holdings and depressing the price.
Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.